The "Economy Of Genocide" Report: A Reckoning Beyond Rhetoric
Her latest report, 'From Economy of Occupation to Economy of Genocide,' submitted to the UN Human Rights Council on July 3, marks a seismic intervention. It unflinchingly names and implicates companies that have not only allowed Israel to sustain its war and genocide against Palestinians, but also confronts those who have remained silent in the face of this unfolding horror.
Albanese's 'Economy of Genocide' is far more than an academic exercise or a mere moral statement in a world whose collective conscience is being brutally tested in Gaza. The report is significant for multiple, interlocking reasons. Crucially, it offers practical pathways to accountability that transcend mere diplomatic and legal rhetoric. It also presents a novel approach to international law, positioning it not as a delicate political balancing act, but as a potent tool to confront complicity in war crimes and expose the profound failures of existing international mechanisms in Gaza.
Two vital contexts are important to understanding the significance of this report, considered a searing indictment of direct corporate involvement, not only in the ongoing Israeli genocide in Gaza, but Israel's overall settler-colonial project.
First, in February 2020, following years of delay, the UN Human Rights Council (UNHRC) released a database that listed 112 companies involved in business activities within illegal Israeli settlements in occupied Palestine. The database exposes several corporate giants – including Airbnb, Booking.com, Motorola Solutions, JCB, and Expedia – for helping Israel maintain its military occupation and apartheid.
This event was particularly earth-shattering, considering the United Nations' consistent failure at reining in Israel, or holding accountable those who sustain its war crimes in Palestine. The database was an important step that allowed civil societies to mobilize around a specific set of priorities, thus pressuring corporations and individual governments to take morally guided positions. The effectiveness of that strategy was clearly detected through the exaggerated and angry reactions of the US and Israel. The US said it was an attempt by 'the discredited' Council 'to fuel economic retaliation,' while Israel called it a "shameful capitulation" to pressure.
The Israeli genocide in Gaza, starting on October 7, 2023, however, served as a stark reminder of the utter failure of all existing UN mechanisms to achieve even the most modest expectations of feeding a starving population during a time of genocide. Tellingly, this was the same conclusion offered by UN Secretary-General António Guterres, who, in September 2024, stated that the world had 'failed the people of Gaza.'
This failure continued for many more months and was highlighted in the UN's inability to even manage the aid distribution in the Strip, entrusting the job to the so-called Gaza Humanitarian Foundation, a mercenary-run violent apparatus that has killed and wounded thousands of Palestinians. Albanese herself, of course, had already reached a similar conclusion when, in November 2023, she confronted the international community for 'epically failing' to stop the war and to end the 'senseless slaughtering of innocent civilians.'
Albanese's new report goes a step further, this time appealing to the whole of humanity to take a moral stance and to confront those who made the genocide possible. 'Commercial endeavors enabling and profiting from the obliteration of innocent people's lives must cease,' the report declares, pointedly demanding that 'corporate entities must refuse to be complicit in human rights violations and international crimes or be held to account.'
According to the report, categories of complicity in the genocide are divided into arms manufacturers, tech firms, building and construction companies, extractive and service industries, banks, pension funds, insurers, universities, and charities.
These include Lockheed Martin, Microsoft, Amazon, Palantir, IBM, and even Danish shipping giant Maersk, among nearly 1,000 other firms. It was their collective technological know-how, machinery, and data collection that allowed Israel to kill, to date, over 57,000 and wound over 134,000 in Gaza, let alone maintain the apartheid regime in the West Bank.
What Albanese's report tries to do is not merely name and shame Israel's genocide partners but to tell us, as civil society, that we now have a comprehensive frame of reference that would allow us to make responsible decisions, put pressure on, and hold accountable these corporate giants.
'The ongoing genocide has been a profitable venture,' Albanese writes, citing Israel's massive surge in military spending, estimated at 65 percent from 2023 to 2024 — reaching $46.5 billion.
Israel's seemingly infinite military budget is a strange loop of money, originally provided by the US government, then recycled back through US corporations, thus spreading the wealth between governments, politicians, corporations, and numerous contractors. As bank accounts swell, more Palestinian bodies are piled up in morgues, mass graves, or are scattered in the streets of Jabaliya and Khan Yunis.
This madness needs to stop, and, since the UN is incapable of stopping it, then individual governments, civil society organizations, and ordinary people must do the job, because the lives of Palestinians should be of far greater value than corporate profits and greed.
- Dr. Ramzy Baroud is a journalist, author and the Editor of The Palestine Chronicle. He is the author of six books. His latest book, co-edited with Ilan Pappé, is ' Our Vision for Liberation: Engaged Palestinian Leaders and Intellectuals Speak Out'. His other books include 'My Father was a Freedom Fighter' and 'The Last Earth'. Baroud is a Non-resident Senior Research Fellow at the Center for Islam and Global Affairs (CIGA). His website is www.ramzybaroud.net
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